"Vice President Biden and I are honored to have these wonderfully talented musical artists perform at the Inaugural ceremony," Obama, 51, said in a statement. "Their music is often at the heart of the American story and speaks to folks across the country."

Beyonce, 31, and Taylor, 64, both had the honor of performing at Obama's first inauguration in 2009. Jay-Z's wife also performed a cover of Etta James' "At Last" for Obama's first dance with First Lady Michelle Obama during the Neighborhood Inaugural Ball.